Loading...
HomeMy WebLinkAbout875229Recording reque~tect by: WELLS FARGO BANK, N.A. k//~/O©Lil (',,OL¢,~Ty CLERK When recorded return to: 8 Wells Fargo Ba~, N.A. .. BILLINGS, WT 5910~ BOO~O___PRPAGE DOCUMENT MANAGEMENT ~tate of W),on~g . · Space Abo~e This Line For Recordh~g Dam ~FE~NCE ~: 20011 g42~0001 MORTGAGE (With Future Advance Clause) 1. ~ATE AND PARTIES. The date of this Mortgage ("Security Inst~ment') is 'and the parties, their addresses and tax identification numbers, if required, are as follows: MORTGAGOR:dEFFREY LYNN SGOTT, g SINGLE [] If checked, refer to the attached Addendum incorporated herein, for additional Mortgagors their signatures and acknowledgments. LENDER: WELLS FARGO BANK, N.A. P. O. BOX 31557 BILLINGS, MT 5910-/ 2, CONVEYANCE. For good and valuable consideratiou, the receipt and sufficiency of which is' acknowledged, and to secure the Secured Debt (defined below) and Mortgagor's performance under this Security Instrument, Mortgagor grants, bargains, conveys, mortgages and warrants to Lender, with power of sale, the following described property; BEGINNING AT A POINT 58 RODS WEST OF THE NORTHEAST CORNER OF SECTION T30N R118W OF THE 8TH P.M.,LINCOLN COUNTY, WYOMING, AND RUNNING THENCE EAST 8 1/4 RODS; THENCE SOUTH 18 ROBS; THENCE WEST 8 1/4 ROOS; THENCE NORTH 18 RODS TO THE POINT OF BEGINNING, SUBJECT TO RESTRICTIONS, RESERVATIONS, EASEMENTS, COVENANTS, OtL,'GAS OR MINERAL RIGHTS OF RECORD, IF ANY. The property is located in L 1 NCOLN at: (County) 155 COUNTY ROAD 148 SMOOT, WY 83128 and parcel number of 30180810000800 together with all rights, easements, appurtenances, royalties, miueral rights, oil and gas rights, all water and riparian rights, ditches, and water stock and all existing and future improvements, structures, fixtures, and replacements that may now or at any time in the future be part of the real estate described above (all referred to ~as "Property"). 3. MAXIMUM OBLIGATION LIMIT. The total principal amount secured by this Security Instrument at any one time shall not exceed $ 40,000.00 . This limitation of amount does not include interest and other fees and charges validly made pursuant lo this Security Instrument. Also, this limitation does not apply to advances made under the terms of this Security Instrument to protect Lender's security and to perform any of the covenants contained in this Security Instrument. 4. SECURED DEBT AND FUTURE ADVANCES. The tenn "Secured Debt" is defined as follows: A. Debt incurred under the terms of the promissory note, revoMng line of credit, contract, guaranty or other evidence of debt dated 02 ! 24 / 20[31 together with all amendments, extensions, modifications and renewals,' and having a maturity date of 07 / 24/2031 B. All future advances from Lender to Mortgagor under such evidence of debt. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Security Agreement shall constitute a commitment to make additional or future loans or advances which exceed the amount shown in Section 3. Any such commitmeut must be agreed to in a separate writing. EQ150A (3/2001) C~ All sums advanced and expenses recurred by.Lender for insuring, preserving, or otherwise protecting the Property and it's value~ and any other sums advanced and expenses incurred by Lender under the terms of this Security Instrument. 5. PAYMENTS. Mortgagor agrees that all payments under the Secured Debt will be paid when due and in a.ccordance with the terms of the Secured Debt and this Security Instrument. 6. PRIOR SECURITY INTERESTS. With regard to any other mortgage, ' deed of trust, security agreement or other lien document that created a prior security interest or encmnbrance on the Property, Mortgagor agrees: A. To ~nake all payments when due and to perform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from. the holder. C. Not to allow any modification or extension of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 7, CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges relating to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices that such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the Property against any claims that would impair the lien of the Security Instrument, Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 8. DUE ON SALE OR ENCUMBRANCE. lJpon sale, transfer, hypothecation, assignment or encumbrance, whether voluntary, involuntary, or by operation of law, of all or any part of the Property or any interest therein, then at its sole option, Lender may, by written notice to Mortgagor, declare all obligations secured hereby immediately due and payable, except to the extent that such acceleration for and in such particular circumstances where exercise of such a right by Lender is prohibited by law. 9. PROPERTY CONDITION, ALTERATIONS AND INSPECTION. Mortgagor will keep. the Property in good cond-ition and make all repairs that are reasonably necessary. Mortgagor shall not commit or allow any waste, impairment, or deterioration of the Properly. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially chtinge without Lender's prior written consent. Mortgagor will not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damagO to the Property Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time for the purpose of inspecting the Property. Lender shall give Mortgagor notice at the time of or before an inspection specifying a reasonable purpose for the inspection. Any inspection of the Property shall be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection. 10. AIJTttORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's naxne or pay any amount necessary for performance. Lender's right to perform for Mortgagor shall not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrmnent. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security inteiest in the Property, including' completion of the construction. 11. ASSIGNMENT OF LEASES AND RENTS. Mortgagor irrevocably grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and to any and all existing or fi~ture leases, subleases, and any other written or verbal agremnents for the use and occupancy of any portion of the Property, including any extensions, renewals, modifications or substitutions of such agreements (all referred to as "Leases") and rents, issues and profits (all referred to as "Rents"). Mortgagor will promptly provide Lender with true and correct copies of all existing and future Leases. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagoz is not in default under the terms of this Security Instrument. . Mortgagor agrees that this assignment is immediately effective between the parties to this Security Instrument. Mortgagor agrees that this assignment is effective as to third parties when Lender takes affirmative action prescribed by law, and that this assignment will remain in effect during any redemption period until the Secured Debt is satisfied. Mortgagor agrees that Lender may take actual possession of the property without the necessity of commencing legal action and that actual possession is deemed to 'occur when Lender, or its agent, notifies Mortgagor of default and demands that any tenant pay all future Rents directly to Lender. On receiving notice of default, Mortgagor will endorse and deliver to Lender any payment of Rents in Mortgagor's possession and will receive any Rents in trust for Lender and will not commingle the Rents with any other funds. Any amounts collected will be applied as provided in this Security Instrument. Mortgagor warrants that no default exists under the Leases or any applicable landlord/tenant law. Mortgagor also agrees to maintain and require any tenant to comply with the terms of the Leases and applicable law, 12. LEASEHOLDS; CONDOMINIUMS; PLANNED UNIT DEVELOPMENTS. Mortgagor agrees to comply with the provisions of any lease if this Security Instrument is on a leasehold. If the property is a unit in a Condominium Project or is part of a Planned Unit Development ("PUD"), Mortgagor agrees to the following: A. Obligations. Mortgagor shall perform all of Mortgager's obligations under the Constituent Documents. The "Constituent Docmnents" are the: (i) Declaration or any other document which creates the Condominium Projects or PUD and any homeowners association or equivalent entity ("Owners Association"); (ii) by-laws; (iii) code of regulations; and (iv) other EQ150B (3/2001) equivalent docu~nents. 'Mortgagor shall promptly pay, when due, all dues and assessments imposed pursuant to the Constituent Documents. B. H~ard Insurance. So long as fl~e Owners Association maintains, with a generally accepted insurance came~, a "masteF' o~ "blanket" poliw on the Condominium Project o~ P~D which is satisfactow to Lende~ and which provides insurance coverage in the amounts, fo~ the periods, and.against the hazards Lende~ ~equkes, including fi~e and hazards included within the te~m "extended coverage," then Mo~gago~'s obligation under Section 19 to maintain hazard insurance coverage on the Property is deemed satisfied to the extent that the required coverage is provided by thc Owner's Association policy. Mortgagor shall give Lende~ prompt notice of aw lapse in ~equked hazard insurance coverage. In the event of a distribution of hazard insurance proceeds in lieu of ~estoration or ~epair following a loss to Prope~W, whc~he~ to the unit o~ to common elements, any proceeds pwablc to Mo~tgago~ a~e hereby assigned and shall be paid to Lende~ fo~ application to the sums secured by ibis SecufiW Instrument, with aw excess paid to Mortgagor. C. Flood Insurance. Mortgagor agrees to maintain flood insu~ce for the life of the Secured Debt which is acceplable, as to fo~m, amount and extent of coverage to Lender. D. Public Liability Insurance. Mo~gago~ shall t~e such actions as may be ~easonable to insure that ~he Owners Association maintains a public liabiliW insurance poliW acceptable in fo~m, amount, and extent of coverage to Lender. E. Condemnation.' The proceeds of aw award or ~laim for damages, direct or consequential, payable to Mo~gagor in connection with aW coMemnafion o~ othe~ taking of ali o~ aW pa~t of the Pmpe~, whethe~ of the unit o~ of the common elements, o~ fo~ any conveyance in lieu of condemnation, a~e hereby assigned and shall be paid to Lender. Such proceeds shall be applied by Lende~ to fl~e sums secured by the SecufiW Instrument as provided in Section 18. F. Lender's Prior Consent. Mo~tgago~ shall not, except ~er notice to Lende~ and with Lender's pfio~ wn~tcn consent, citt~e~ partition o~ subdivide ~he ProperW or consent to: (i) the abandonment o~ te~minafio~ of the Condominium Project or PUD, excep~ fo~ abandonment or termination required by law in the case of substantial destruction by fi~e o~ othe~ casualW o~ in the case of a t~ing by condemnation o~ eminent domain; (ii) aw amendment to any provision of fi~e Constituent Documems if the provision is for thc express benefit of Lender; (iii) te~inafion of pm~cssional management and assumption of self- management by the Owner~ Association; o~ (iv) aw action Which would ,have the "effect of ~endcfing the public liabiliW insurance coverage maintained by the Owners Association unacceptable to Lender. G. Remedies. If Mo~gago~ does not pay condominium o~ P~ dues an~ assessments when due, then Lende~ may them. AW amounts disbursed by Lender unde~ this section shall become additional debt of Mongago~ secured by this Instrument. Unless Mo~gagor and Lende~ agree to othe~ ~e~ms of pwment, these amounts shall bea~ interest from ~he da~e of disbursement at the Secured Debt ~ate and shall be pwable, with ime~est, upon notice from Lende~ to Mo~gago~ ~cquesting pwment. 13. DEFAULT. Mortgagor will be in default if any party obligated on the Secured Debt fails to m&e payment when due. Mortgagor will be in default if a breach occurs under the terns of this Security Instrument or any other document executed for the purpose of creating, securing or guaran~ing the Secured Debt. A good faith belief by Lender that Lender at any time insecure with respect to any person or entity obligated on the Secured Debt or that the prospect of any payment or the value of the Proper~ is impaired shall also constitute an event of default. 14. ~MEDIES ON DEFAULT. In some instances, federal and state law will require Lender to provide Mo~gagor with notice of the right to cure or other notices and xnay establish time schedules for foreclosure actions. Subject to these limitations, if any, Lender may accelerate the Secured Debt and foreclose this Securi~ Instrument in a manner provided by law if Mortgagor is in default. At the option of Lender, all or any part of the agreed fees and charges, accrued interest and principal shall become immediately due and payable, ~er giving notice if required by law, upon the occurrence of a default or an~ime thereafter. In addition, Lender shall be entitled to all the remedies provided by law, the terms of the Secured Debt, this Securi~ Instrument and any related documents, including without limitation, the power to sell the Property. All remedies are distinct, cumulative and not exclusive, and the Lender is entitled to all remedies provided at law or equiB,, whether or not expressly set forth. The acceptance by Lender of any sum in payment or partial payment on the Secured Debt ~er the balance is due or is accelerated or ~ter foreclosure proceedings are filed shall not constitute a waiver of Lender's ~ght to require complete cure of any existing default, By not exercising any remedy on Moagagor's default, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 15. E~ENSES; ADVANCES ON COVENANTS; ATTOI~EYS' FEES; COLLECTION COSTS. Except when prohibited by law, Moagagor agrees to pay all of Lender's expenses if Mortgagor breaches any covenant in this Security Instrument. Moagagor will also pay on demand any amount incurred by Lender for insuring, inspecting, preseming or othe~ise protecting the Prope~y and Lender's securi~ interest. These e~enses will bear interest from the date of the payment until paid in ~11 at the highest interest rate in effect as provided in the terms of the Secured Debt. Mongagor agrees to pay all costs and expenses incurred by Lender in collecting, enforcing or protecting Lenders' rights and remedies under this Securi~ Instrument. This amount may include, but is not limited to, attorneys' fees, Court costs, and other legal expenses. This amount does not include attorneys' fees for a salaried employee of the Lender. This SecuriB, Instrument shall remain in effect until released. Mortgagor agrees to pay for any recordation costs of such release. EQ~50C (3/~00~) 16. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (I) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substancel and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant er contaminanl which has characteristics which render substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental Law. Mortgagor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and shall remain in full compliance with any applicable Environmental Law. C, Mortgagor shall immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of hny Environmental Law concerning the Property. In such an event, Mortgagor shall take all necessary ~emedial action' in accordance with any Environmental Law. D. Mortgagor shall immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim~ or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 17. CONDEMNATION. Mortgagor will ~ive Lender prompt notice of any pending or threatened action, by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor' name in any of the .above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages co~mected with a condemnation or othe[ taking of all or any part of the Properly. Such proceeds shall be considered payments and Will be applied' as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or olher lien document. lS. INSURANCE. Mortgag{ir Shall keep Property insured against loss by fire, flood, theft and other hazards and risks reasonably associated with the Property due to its type and location. This insurance shall be maintained ~n the amounts and for the periods that Lender requires. The insurance ~arrier providing the insurance shall be chosen by Mortgagor subject to Lender's approval, which shall not be unreasonably withheld. If Mortgagor fails to maintain the coverage described above, Lender may, at Lender's option, obtain coverage to protect Lender's rights in the Property according t0the terms of this Security Instrument. All insurance policies and renewals shall ~e acceptable to Lender and shall include a standard "mortgage clause" and, where applicable, "loss payee clause." Mortgagor shall immediately notify Lender of cancellation or termination of the insurance. Lend,er shall have the right to hold the policies and renewals. If Lender requires, Mortgagor shall immediately give to Lender all receipts of paid premiums and renewal notices. Upon loss, Mortgagor shall give immediate notice to the insurance carrier and Lender. Lender may make proof of loss if not made immediately by Mortgagor. Unless otherwise agreed in writing, all insurance proceeds shall be applied to the restoration or repair of the Property or to the Secured Debt, whether or not then due, at Lender's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment nor change the amount of any payment. Any excess will be paid to Mortgagor. If the Property is acquired by Lender, Mortgagor's Ii,hr to any insurance policies and proceeds resulting from damage to the ?roperty before the acquisition shall pass to Lender to the extent of the Secured Debt immediately before the acquisition. 19. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 20. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Mortgagor will provide to Lender upon request, any financial statement or information Lender may deem reasonably necessary. Mortgagor agrees to sign, deliver, and file any additional documents or certifications that Lender may consider necessary to perfect, continue, and preserve Mortgagor's obligation/under this Security Instrument and Lender's lien status on the Property. 21. JOINT AND INDIVIDUAL LIABILITY; CO-SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Mortgagor signs this Security Instrument but does not sign an evidence of debt, Mortgagor does so only to mortgage Mortgagor's interest in the Property to secure payment of the Secured Debt and Mortgagor does not agree to be personally liable on the Secured Debt. If this Security Instrument secures a guaranty between Lender and Mortgagor, Mortgagor agrees to waive any rights that may prevent Lender from bringing any action or claim against Mortgagor or any party indebted under the obligation. These rights may include, but are not limited to, any anti-deficiency or one-action laws. Mortgagor agrees that Lender and any party to this Security Instrument may extend, modify or make any change in the terms of this Security Instrument or any evidence of debt without Mortgagor's consent. Such a change will not release Mortgagor from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Mortgagor and Lender. 22. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the EQ150D (3/2001) jurisdiction in which the Proper~ is located~ except to the extent othe~ise required by the laws of the jurisdiction where th~ Property is located. This S~curiw Instrument is complete and ~lly integrated. This SecuriW Instrument may not b~ am~n&d of modified b~ oral a~reement. Any section in t~s S~curity Inst~ment, attachments, or any a~remnent related to the Secured Debt that co~icts with applicable law will not be effective, unless that law expressly or impliedly permits the variations by written agreement. If any section of this SecuriB~ Instrument cannot be efforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of this SecuriB, Instrument. Whenever used, the singular shall include the plural and the plural the sin~lar. The captions and headings of the sections of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Ingtmment. Time is of the essence in this Security instrmnent. In the event any section of this Security Instrument directly conflicts with any' section of a certain Home Equity Closing Handbook which contains the Account Agreement Terms and Conditions (as applicable), Fixed Rate Note Terms and Conditions (as applicable), the ~bitration Agreement, and the Agreement to Provide Floo~rope~ Insurance, all of which I agree to by signing this Securi~ Instminent, the terms of the Home Equi~ Closing Handbook shall control. 23. NOTICE. Unless otherwise required by law, any notice shall be given by deliveriug it or by mailing it by first class mail to the appropriate party's address on page 1 of tl{is Security Ins~nment, or as shown in Lender's records, or to auy other address designated in writing. 24. WAWERS. Except to the extent Prohibited by law, Moagagor waives any right regarding the marshalling of liens and assets, and hereby releasing and waiving all rights under and by Virtue of the homestead exe~nption laws of this state. 25. OTHER TE~S.' If checked, the following are applicable to this Securi~ Instrument: ~ Line of Credit. The Secured Debt includes a revolving line of credit provision. Although the Secured Debt ~nay be reduced to a zero balance, this Securi~ Instrument will remain in effect until released. ~ Construction Loan. This Securi~ Instrument secures ~ obligation incurred for the construction of an improvement on the Propeny. ~ Fixture Filing. Mortgagor grants to Lender a security interest in all goods that Mortgagor owns now or in the filtrate and that are or will become fixtures relates to the Property. This Security Instrument s~ces as a financiug statement and any carbon,, pllotographic or other reproduction may be filed of record for pu¢oses of A~ticle 9 of II~e Unifonu Commercial Code. ~ Additional Terms. SIGNATURES: By signing below, Mortgagor agrees to the terms and covenants contained in this Security Instrument and in any attachments. Mortgagor also ackamwledges receipt of a copy of this Security Instrument ou the date stated on page 1. Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date Mortgagor Date EQi50E (3/2001) ACKNOWLED G'MENTi (Individual) STATE OF COUNTY OF. L~', ~ 6.~ I~. The foregoin~ instrument was ~ L ~ ~o~" ac~nowlSdgea before me by this ,~ W~s my hand and offi~al~ (Si~,atuhTofomm-) I (~ Bev Johnson 02970 307-8~-3128 C7803-011 ~ ~ ~. Wells Fargo Bank Wyoming, N.A. COlD 8~0 Aflon O~ AU 7529 (Title of Offi ceO My Commission Expires: 3 - ~ ~ - t2 ~ (Sea~) countyo [ ACKNOWLEDGMENT: (Individual) STATE OF · COUNTY OF The foregoing instrument was acknowledged before me by this day of Witness my hand and official seal. (Signature of Officer) (Title of Officer) MY Commission Expires: (Seal) EQ150F (3/2001)